One thing about this that has not been considered, I think, is the velocity with which Ancalagon smashed into Thangorodrim. Also, we have not considered the explosive potential of draco magnus pennatus*, which, after all, is capable of breathing fire (a known property of both the early, wingless drake model ala Glaurung, and the later winged dragon, Smaug).
Granted, I'm being a little bit facetious, but I am attempting to demonstrate that the destructive force of something need not be limited to them being dropped on something. If, for example, we imagine a giant cannon on Vingelot capable of shooting Ancalogon at Thangorodrim--and if we consider Ancalagon as a super-explosive living firecracker--we may be able to circumvent the "blue whale dropping" hypothesis.
Silly as I am being, after all, the Silmarils were anathema to evil, and we haven't exactly got details of Eärendil smiting Ancalagon--only the bare fact that he did, and the consequences. It's a bit cartoony, but imagine something like Ancalagon attempting to devour Eärendil, only to be repelled back to earth at thunderous speed when flesh touched the holy jewel, to explode as he hit the slopes of Thangorodrim. Admittedly, there's still a lot of room for hyperbole in this slightly ridiculous account...
*Great Winged Dragon, if my mangled, 2 second, Latin is right.
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